10 Most Promising Low-Cost Stocks According to Hedge Funds

4. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 92

Forward P/E Ratio as of October 13, 2024: 13.12

Bank of America Corporation (NYSE:BAC) is a financial services company that provides investment and wealth management services to individuals, institutions, small to medium-sized businesses, large corporations, and the government. Some of its subsidiaries include Merrill, BofA Securities, and Bank of America Private Bank.

The company has over 3,800 retail locations and 15,000 ATMs across the United States servicing a large clientele of 69 million individual customers. Bank of America now manages $5.7 trillion in client balances, loans, deposits, and investments in its consumer and wealth management segments.

On August 12, Yahoo Finance shared Wolfe Research’s bullish stance on Bank of America Corporation (NYSE:BAC). The stock is a top pick for the firm and has more room to grow despite an aggressive easing cycle by the Fed. According to the firm, the setup for the leading retail banking services provider is constructive.

Bank of America Corporation (NYSE:BAC) is one of the best long-cost stocks according to hedge funds and we say that because of its strong ecosystem and client network. According to the Insider Monkey database, at the end of Q2, 92 hedge funds were bullish on the stock.

ClearBridge Investments’ ClearBridge Value Equity Strategy stated the following regarding Bank of America Corporation (NYSE:BAC) in its first quarter 2024 investor letter:

“We added several new positions during the quarter. Our largest new addition was Bank of America Corporation (NYSE:BAC), one of the world’s leading financial institutions, serving some 66 million consumer and small business clients across the U.S. as well as large corporations, financial institutions and governments globally. We believe that the interest rate pressure that Bank of America faced in early 2023 has subsided, and risks surrounding deposit outflows have abated, which should allow the company to improve its book value and capital growth as well as benefit from a rebound of capital markets activity.”